Stakeholders Seek NSITF Removal From Fiscal Responsibility Act

Stakeholders have called for the removal of the Nigeria Social Insurance Trust Fund (NSITF) from the Fiscal Responsibility Act 2007.

At a two-day retreat organised by the agency to strengthen legislative collaboration in Lagos, both NSITF management, the Senate and House of Representatives Committees on Labour and Employment, reaffirmed that the agency should not be classified as a revenue-generating agency.

According them the exemption of NSITF from the mandatory 50% revenue deduction imposed by the ministry of finance would allow the agency to fully utilise its funds for the benefit of Nigerian workers.

In a statement issued by NSITF’s general-manager, corporate affairs, Nwachukwu Godson, the committees urged the NSITF to expand its coverage to include all public sector employees under the Employee Compensation Scheme (ECS) and to ensure timely deductions and remittances for the scheme from relevant agencies.

They also emphasized the need for a digital transformation of the NSITF’s core functions and the implementation of an electronic record system to enhance transparency and improve service delivery.

During the retreat, Godson stated that the NSITF’s new managing-director, Oluwaseun Faleye, presented a strategic roadmap titled, “NSITF Strategic Priorities 2024-2027,” outlining key objectives to enhance the agency’s governance, service delivery, and stakeholder engagement.

The roadmap includes plans to optimize investment strategies and adapt the Fund’s services to meet the evolving needs of its beneficiaries.

Reflecting on the retreat, chairman of the Senate Committee on Labour and Employment, Senator Diket Plang, expressed confidence in the new leadership of the NSITF lauding the managing director’s vision and commitment.